Estonia

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Estonia’s economy is gradually recovering, thanks to improving exports, enhanced competitiveness, a revival of the manufacturing sector and a recovery in FDI inflows, particularly in defence and green technologies. While growth remains slower than was initially expected (on account of stringent fiscal consolidation measures), the overall economic outlook remains positive. However, the adverse economic effects of the US tariffs – if those materialise – may lead to a downgrading of the economic forecast, though they are unlikely to cause a recession in the coming years.
        FORECAST*
Main Economic Indicators202220232024202520262027
Population, 1000 persons134913701360...
GDP, real change in %0.1-3.0-0.31.52.42.5
GDP per capita (EUR at PPP)303503046031380...
Gross industrial production, real change in %1.8-9.7-4.0...
Unemployment rate - LFS, in %, average5.66.47.67.26.56.0
Average gross monthly wages, EUR164518321981...
Consumer prices, % p.a.19.49.13.75.04.13.0
Fiscal balance in % of GDP-1.1-3.1-1.5-3.0-2.7-2.5
Public debt in % of GDP19.120.223.6...
Current account in % of GDP-3.9-1.7-1.1-0.9-0.50.3
FDI inflow, EUR m19214962-3262...
Gross external debt in % of GDP84.489.298.8...


Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.

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Monthly Report No. 1/2025

Vasily Astrov, Alexandra Bykova, Selena Duraković, Meryem Gökten, Richard Grieveson, Maciej J. Grodzicki, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Dzmitry Kruk, Sebastian Leitner, Isilda Mara, Emilia Penkova-Pearson, Olga Pindyuk, Sandor Richter, Marko Sošić, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 1, January 2025
50 pages including 6 Tables and 13 Figures

Details

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Executive summary

Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII
Details


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